A penthouse condo or penthouse apartment is a single-occupancy living space that takes up the entire uppermost floor of a building or, in most cases, of a high rise condominium or apartment building. More often than not, it is also among the largest and most luxurious units within the building. However, while this is true, many real estate sellers abuse what really constitutes a penthouse and tricks home buyers to buy “penthouse” units that do not offer anything more than a regular condo unit.
Just like in every real estate purchase, you need to be meticulous with your choices and make sure that a home is truly fit for you before making a call. To help you with your judgement, here are some pros and cons to living in a penthouse apartment.
PROSAs one of the most marketed units in the whole condominium, penthouses surely offer some of the best features and amenities you will find in a Las Vegas high rise condo.
Best viewsNaturally, living at the highest location of the condo building will guarantee you the best views of the surrounding city. If you choose to live in a Las Vegas penthouse apartment, not only will you be able to delight your eyes with the unobstructed 360-degree views of the valley, but you will also be closer to the sky and stars! You may start your morning by watching the sunrise or close the day by laying down beneath the stars on your wide outdoor space.
Noise-freeLiving high above the streets and without a neighbor upstairs, you will get to enjoy an extremely peaceful environment in a penthouse apartment. It eliminates every worry about having troubles sleeping or waking up in the middle of the night because of blaring sounds of car horns and speeding motorcycles, as well as of neighbors stomping their feet upstairs.
CustomizationCustomization is allowed in most Las Vegas high rise condo units, but penthouse apartment units have more lax rules about it. In fact, in most penthouses, you can expertly customize it in any way you desire without any much restrictions! This is mostly possible because a penthouse apartment has a different floor plan from regular condo units.
You may change the layout of your living room or add more features to your outdoor space. You may also remodel your condo bathroom! Just make sure to follow some tips or ask for a professional’s help.
Penthouse-only perksAlthough the points listed above are already mostly penthouse-only perks, there are more exclusive perks to living in a penthouse apartment. Private and large outdoor spaces, fireplaces, and higher ceilings are some of the features that a penthouse apartment have while the rest of the building may not have. Additionally, most, if not all, penthouses, also provide an elevator that can take you directly to your apartment.
Less market volatilityAccording to a report by CityRealty, home buyers will pay 75% more for the penthouse compared to the units that are just one floor below. This should not be surprising at all considering the exclusive perks and amenities that a penthouse apartment offers.
With all these things considered, penthouses tend to be less affected by market volatility compared to other housing trends and projects as a result. So, if you wish to make an investment, buying a penthouse apartment is the best course of action!
CONSOf course, as much as there are plenty of great reasons to buy a penthouse apartment, there are also a few not-so-good sides to owning and living in a penthouse apartment.
Higher priceIt does not take a genius to realize that the uppermost floor of the condo building with exclusive perks and amenities is also going to be the priciest unit. To enjoy better features, it is only natural for you to have to pay more. However, it might be too much for your pockets, especially if you are going to account the additional costs for maintenance and renovations in the penthouse apartment as well.
Leaks and extreme weatherCondo owners from any floor might experience a leakage if the condo roof gets damaged after a heavy rainfall or storm, but it is the penthouse apartment owner that will get the worst damage since they live at the uppermost floor, directly under the roof. It is also the penthouse owner that will get to experience the most extreme temperatures at the condo building during extreme weathers.
Outdoor space maintenanceAlong with the roof, the outdoor space is also at risk of getting damaged from extreme temperatures, and although major repairs are under the condo management’s responsibility, the outdoor space maintenance is usually to be taken care of by the penthouse apartment owner.
Snowing is rare in Las Vegas, but your plants might not be able to stand the desert weather. Landscaping takes a big amount of cost in the outdoor space maintenance, especially with extreme weather conditions.
LitigationIn most condominiums, the penthouse covers the entirety of the uppermost floor, including the whole outdoor space. However, in some buildings, there is a limit to how much the outdoor space is for the private use of the penthouse apartment owner, with the rest of the space for communal use.
Unclear rules and undefined outdoor spaces are common causes of disputes between the penthouse owner and the other residents of the condo building, which can be very unpleasant. Even if a fight does not break out, you might find it uncomfortable to have a stranger’s clothes drying just a few meters away from your home.
Safety and practical issuesAs much as it is peaceful and beautiful to be living in a penthouse apartment, being at the highest floor of the condominium means that you need more time to go down or go up the building. This is not that bad if you like taking your time, however, it could be a great disadvantage during emergency situations wherein you have to evacuate the building, or if the paramedics or firefighters need to reach the top floor.
It could also be a hassle having to take the stairs all the way up to the penthouse or down to the ground floor if the elevator is not working.
Nonetheless, a Las Vegas penthouse apartment is still one of the best real estate properties you should invest your money and future on. After all, finding a great home heavily depends on your keen observations and knowledgeable help from a trusted real estate agent.